Viet Nam and Nigeria are seeking to boost co-operation in trade and investment to tap the significant potential between the two countries.

At the Viet Nam-Nigeria Trade and Investment Forum in Ha Noi on Monday, Doan Duy Khuong, vice chairman of the Viet Nam Chamber of Commerce and Industry, said the two countries had significant room to boost co-operation.

Khuong said Viet Nam was entering a new development period in 2016-20 with a stable macro-economy, high gross domestic product growth rate and total trade revenue of US$359 billion.

Viet Nam was an important gateway for Nigerian firms to penetrate other markets, especially ASEAN markets, Khuong said, adding that Nigeria was a potential market for Viet Nam in Africa.

Khuong said the two sides had potential to boost co-operation in agriculture, agricultural processing, garments, mining and building materials.

Nigeria wanted to import products that were Viet Nam’s strengths and Viet Nam wanted to import raw materials for processing.

Oye Akinsemoyin, president of the Nigeria-Viet Nam Chamber of Commerce and Industry, expected the two countries would further promote their co-operation in processing agricultural products.

The trade revenue between Viet Nam and Nigeria averaged more than $250 million during the past five years.

In 2016, bilateral trade reached $303.84 million, up by 23.8 per cent over the previous year.

Viet Nam mainly exported ships, phones and components, garment and plastics, as well as chemicals, machinery and electronic products to Nigeria and imported cashew and wood from this African country. — VNS